Housing Finance

SB 1203 (Jackson)

Property taxation: welfare exemption: rental housing and related facilities: payment in lieu of taxes agreement.

2014

Description:

Current property tax law establishes a partial welfare exemption for property used exclusively for rental housing and related facilities that are owned and operated by either of any certain types of nonprofit entities or veterans' organizations that meet specified exemption requirements, if either of certain qualifying criteria are met. This bill would define "related facilities" for purpose of the exemption. This bill would provide that the partial exemption be equal to that percentage of the value of the property that is equal to the percentage that the number of units serving lower income households represents of the total number of residential units in any year.

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